Tag: interrelationship between industry, commerce and trade

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Questions Related to interrelationship between industry, commerce and trade

Multiple choice business organisation and correspondence components of business studies factors affecting business interrelationship between industry, commerce and trade other aspects of a business

Administrative competition includes "gifts" to the ___________.

  1. Factory inspector

  2. Boiler inspector

  3. Pollution control board inspectors

  4. All of the above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation
An inspector is a person, usually employed by a government agency, whose job is to find out whether people are obeying official regulations. The mill was finally shut down by state safety inspectors. 
Factory inspectiors
 are conducted to ascertain whether certified products produced in the facility are identical, within accepted manufacturing tolerances, to the sample against which the product certification was granted.
Multiple choice business organisation and correspondence components of business studies factors affecting business interrelationship between industry, commerce and trade other aspects of a business

Singapore and Middle East countries are the best examples for entrepot trade.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Singapore and Middle East countries are the best examples for entrepot trade- this is a true statement. Entrepot is mainly used to refer to duty-free ports with the high volume or re-export. At entrepot, goods do not face any import or export duties upon shipment from the port.

Multiple choice business organisation and correspondence components of business studies factors affecting business interrelationship between industry, commerce and trade other aspects of a business

Which of the following cannot be a social objective of the business?

  1. Production and Supply of Quality Goods and Services

  2. Contribution to the General Welfare of the Society

  3. Adoption of UnFair Trade Practices

  4. None of the above
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Social objective are those objectives of business, which are desired to be achieved for the benefit of the society. Since business operates in a society by utilizing its scarce resources, the society expects something in return for its welfare.

Management is responsible for setting and achieving objectives for the organisation. The main objective of any organization should be to utilise human and material resources to the maximum possible advantage, to fulfill the economic objectives of a business.

Multiple choice business organisation and correspondence components of business studies factors affecting business interrelationship between industry, commerce and trade other aspects of a business

Business produces goods and supplies the goods that are required for the development of a nation. This forms a part of ______ objective of the business.

  1. Economic

  2. Environmental

  3. Technological

  4. Social
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Social objective are those objectives of business, which are desired to be achieved for the benefit of the society. Since business operates in a society by utilizing its scarce resources, the society expects something in return for its welfare.

Management is responsible for setting and achieving objectives for the organisation. The main objective of any organization should be to utilise human and material resources to the maximum possible advantage, i.e., to fulfill the economic objectives of a business.

Multiple choice business organisation and correspondence meaning, scope, nature and importance of business organisation factors affecting business interrelationship between industry, commerce and trade other aspects of a business

Which one of the following is INCORRECT about closing stock?

  1. It is added into current assets

  2. It is deducted from Material available for use

  3. It becomes opening stock of next year

  4. It reduces the resources of business
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Closing stock is an asset that represents unsold goods. It does not reduce the resources of a business; rather, it is a resource that has been retained for future sale.

Multiple choice business organisation and correspondence meaning, scope, nature and importance of business organisation factors affecting business interrelationship between industry, commerce and trade other aspects of a business

Business contributes a fair share for the social welfare of the nation by starting and running of ______________.

  1. schools

  2. hospitals

  3. colleges

  4. all of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Small businesses contribute to local economies by bringing growth and innovation to the community in which the business is established. Owning and running your own business can be more satisfying and fulfilling than working for someone else. 

Many successful small business owners find they enjoy the respect they earn from their peers for having the courage to go out on their own. Power. Don't be surprised if power is one of your goals.

Multiple choice business organisation and correspondence meaning, scope, nature and importance of business organisation factors affecting business interrelationship between industry, commerce and trade other aspects of a business

______ carry their goods on wheeled carts and sell them to the consumers at their doors.

  1. Hawkers

  2. Street traders

  3. Peddlers

  4. Market sellers
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Peddlers carry their goods on wheeled carts and sell them to the consumers at their doors. Peddlers are probably the oldest kinds of retailers in the world. They carry their goods around on bicycles, hand carts, carts, in baskets etc. They set up in local markets and street corners etc. So they constantly move around to reach to the maximum number of customers.

Multiple choice business organisation and correspondence meaning, scope, nature and importance of business organisation factors affecting business interrelationship between industry, commerce and trade other aspects of a business

Industry is an economic activity where as Commerce is a business activity.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Industry is an economic activity where as Commerce is a business activity- this is a true statement. Industry is concerned with the procurement and processing of raw materials into finished goods and thus it is an economic activity. Commerce is classified as a business activity as the it  deals with the exchange of goods and services for value.